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Shell CEO Wael Sawan announced the company’s exit from the Chinese power market to focus on more profitable businesses, including natural gas and oil. The decision involves Shell exiting its power generation, trading and marketing businesses in China by the end of 2023.
Shell emphasized that they will continue to contribute to China’s energy transition, but will focus on other areas in the future. The move is one of a series of strategic adjustments Shell has made in recent months to save up to $3 billion in costs, including exiting its European retail power business and multiple low-carbon projects, increasing its investment in natural gas, and expanding its energy footprint across the country. Company-wide layoffs.
(Source: Reuters Image source: Unsplash)
